Record-keeping

HM Revenue and Customs expect taxpayers and businesses to keep good records.  Later this year they will be launching a Business Record Checks programme, which will impose financial penalties for significant record-keeping failures.

HM Revenue and Customs can ask to see your business records at any time, but they are providing some help to ensure you get it right.  In advance of the programme launch they have introduced two basic fact sheets: one for business bookkeeping http://www.hmrc.gov.uk/factsheet/record-keeping.pdf, and another for records relating to tax returns, http://www.hmrc.gov.uk/sa/rk-bk1.pdf

Free bookkeeping advice is available from Businesslink, and can be accessed here: http://www.businesslink.gov.uk/recordkeeping.   Businesslink also provides an online tool to help you decide what information you need to keep.  http://www.businesslink.gov.uk/recordkeepingcheck

Offshore Bank Accounts

From 6^th April 2011 anyone avoiding tax by keeping money in offshore accounts could face penalties of up to 200% of any tax that should have been paid.  You must ensure that all income and capital gains arising offshore is declared, and the tax paid.

Corporation Tax

From 1^st April 2011 all companies will have to file their corporation tax returns online for any accounting period ending after 31^st March 2010.  Accounts and computations must be submitted with the tax return in iXBRL format.  Most companies will not notice any difference; many accountants file online already, and the rules for calculating corporation tax remain unchanged.  Tax payments will need to be paid electronically.